WASHINGTON - Hikvision shares fell by 10% after a Financial Times report that the Biden administration is planning to impose more sanctions on the surveillance camera company, accusing it of enabling human right abuses.
The Financial Times reports that the sanctions would have “far-reaching consequences because companies and governments that deal with Hikvision… would risk violating U.S. sanctions.”
According to the Financial Times, this would be the first time that the White House has imposed these kinds of sanctions on such a large company. The company is the world’s largest manufacturer of surveillance equipment.
In 2019, Hikvision and Dahua, another surveillance tech company, were placed on the U.S. government entity list for its role in enabling human rights violations among Muslim minority groups in China, including the Uyghurs.
But many municipalities in the U.S. still use Hikvision cameras. According to contract data reviewed by TechCrunch in May, at least a hundred U.S. counties, towns and cities have bought surveillance equipment made by Hikvision and Dahua.
They are able to do so because federal actions do not apply at the state and city level.